What is the best way to send money abroad?

By: Axel Strauss
Date: 04/17/2025

Sending money abroad is an essential part of life for millions of people worldwide. And the reasons are often as diverse as the money being sent. For example, family support, goods and services charges, or educational fees. Or lost wallets, stolen items, or simply running out of cash! Or, say, Schengen visa costs — especially if you’re new to Europe. And so on.
Meanwhile, each method of sending money — from traditional bank transfers to ever-increasing online platforms — comes with its own pros and cons. So the best method will therefore ultimately depend on your individual needs.

That’s why AXA has compiled the following universal guide on sending money internationally, along with the pros and cons of every method imaginable. With it, you’re guaranteed to make the best possible decision regarding all your international money transfers — anytime, anywhere, and for whatever they may be.

• What factors to consider when sending money abroad?
• How does an international bank transfer work?
• Are online money transfers a good and safe option?
• Wise: safe, easy, and instant money transfer
• Can I use mobile payment apps for international transfers?
• How about traditional money transfer companies?
• Can I use prepaid debit cards to send money abroad?
• Can I still send money internationally through postal services?
• How to ensure security when sending money abroad?

What factors to consider when sending money abroad?

When sending money abroad, you want to make sure the method you choose not only saves you time and money — but also avoids any unnecessary risks. So here’s a general breakdown of the factors that come into play:

Exchange rates

These can vary drastically depending on the provider, and even small changes can make a big difference when sending large amounts of money. Meanwhile, a favorable exchange rate can save you a significant amount — especially if you’re sending money in bulk or making regular transfers.

PRO-TIP: The International Monetary Fund's and the European Central Bank’s official websites are great resources to check the latest exchange rates worldwide.

Transfer fees

Different providers charge different fees. For example, some services may charge a flat fee, while others charge based on the amount being sent. So it’s important to compare options and look at the total cost — including both fees and exchange rates — to avoid any unpleasant surprises.

Time

Speed of transfer is another big one. Some providers offer same-day transfers, while others might take several days. And when and where you're sending the money can make a huge difference too.

Security and reliability

When transferring money across borders, you want to ensure that both your funds and personal info are safe from beginning to end. Some services have better track records than others — so always do your homework first.

Accessibility for the recipient

And, finally, think of the person on the other end. For example, some services require the recipient to have an account with the same provider, while others allow them to receive the money in cash. Locations with limited access to digital services can also be a factor. So make sure you and the recipient are on the same page.

How does an international bank transfer work?

Bank transfers are one of the oldest methods for sending money abroad. Essentially, you send funds from your account to the recipient’s bank account, via the bank’s payment network. Traditionally, there are two types of international bank transfers:

1) SWIFT transfer

The Society for Worldwide Interbank Financial Telecommunication (aka SWIFT) is a global network that connects banks to transfer money securely. It's the most common method for sending funds between banks in different countries.

2) SEPA transfer

Meanwhile, The Single Euro Payments Area (aka SEPA) is a payment-integration initiative that makes cross-border Euro transactions easy and inexpensive.
SEPA transfers are typically free within the Eurozone — although fees may apply when sending funds outside this area.

So, again, the method you choose will likely mostly come down to where both you and your recipient are geographically located (and, of course, which bank accounts you have).

Pros of Bank Transfers

The biggest pros are security and reliability. Generally speaking, bank transfers are highly secure and widely accepted worldwide. So if you’re sending a large sum, this might be your best option.

Cons of Bank Transfers

However, bank transfers usually require at least two bank accounts — and can also come with high fees (especially with SWIFT).

Additionally, the exchange rates tend to be less favorable with banks than what you’d get from specialized money transfer services.

Are online money transfers a good and safe option?

Meanwhile, online money transfers are becoming increasingly popular in more and more parts of the world — since they offer competitive rates, low fees, and speedy transfers.

In fact, service providers like Wise (formerly TransferWise), Remitly, PayPal, and Revolut have changed the way millions of people send money abroad today — giving users more flexibility and a more modern and often cheaper alternative to banks.

Online money transfers are generally safe too — so long as you use a reputable provider (but more on that below!).

Pros of Online Transfers

One of their biggest advantages is that online money transfer services offer better exchange rates and lower fees than banks. Since they don't have the same overhead costs as traditional banks, they can pass those savings on to you.

Moreover, many of these services offer fast transfers — sometimes even instant ones.

And, of course, there’s the benefit of convenience — since you can send money from your computer or mobile with just a few clicks.

Cons of Online Transfers

One of the few drawbacks is that most online money transfer services require both the sender and the recipient to have accounts. Still, as the companies vie for customers, this is becoming somewhat less of a problem — as many services have made it easier to send money directly to a recipient’s bank account.

Some services may also come with certain transfer limits for certain regions of the world. So it again depends on where you and your recipient are.

Wise: safe, easy, and instant money transfer

Wise is the payment method for traveling abroad without any hidden and unexpected fees from your Bank.
With access to 160 countries and 40 currencies, Wise empowers users to take on the world, sending, spending, and converting money like a local.

The Wise account offers a seamless way to manage money across borders, allowing users to hold, spend, send, and receive funds in multiple currencies

The Wise card, linked to the multi-currency account, enables users to spend globally without hidden fees, automatically converting currencies at the lowest possible rate.

Can I use mobile payment apps for international transfers?

Mobile payment apps like Wise, Venmo, Cash App, and PayPal have, again, drastically changed the way we send and receive money.
But can you use them for international transfers?
Well, yes — but not all of them, and not without certain limitations.

So here are a few more pros and cons to help you choose one that’s right for you.

Pros of using mobile payment apps for international transfers

Wise is one of the best options for sending money internationally. Because — unlike Venmo and Cash App — Wise is specifically designed for cross-border payments.

Moreover, Wise offers competitive exchange rates, low fees, and a simple, highly user-friendly mobile app experience.

PayPal, meanwhile, also supports international transfers on a widely accepted platform and/or app — making it equally useful for quick transactions (especially smaller ones).

Cons of using mobile payment apps for international transfers

The downside? Fees, restrictions, and transfer limits. For example, while Wise keeps costs low, PayPal tends to charge higher fees and often applies less favorable exchange rates. Moreover, the recipient may need to pay withdrawal fees.

Meanwhile, Venmo and Cash App — as of early 2025 — only work for domestic transactions within the U.S.

And another thing to keep in mind is that mobile payment apps often have limits on how much you can send.
Wise allows for larger international transfers, for example, while PayPal (and similar apps) may cap how much you can transfer.

How about traditional money transfer companies?

Traditional household names like Western Union and MoneyGram are also a tried-and-true method. Having been around for decades, they’ve built a reputation for being both reliable and widely accessible — including in remote parts of the world.

Pros of using traditional money transfer companies

One of their biggest advantages is that they have extensive networks worldwide. This means you can usually easily find a nearby branch — regardless of where you are.

Cons of using traditional money transfer companies

However, they're not always the most cost-effective choice. The fees can be steep, and the exchange rates are often less favorable than other transfer methods.

The process can also be slower — especially if you’re sending money to a country that doesn’t have many Western Union or MoneyGram offices.

Can I use prepaid debit cards to send money abroad?

Prepaid debit cards are a simple and tried-and-tested method too — especially if you’re looking to load funds onto a card for the recipient to use.

Pros of using prepaid debit cards

Prepaid cards are easy to use and are widely accepted at ATMs and stores worldwide (and often online too).

Cons of using prepaid debit cards

There may, however, be fees for loading funds, withdrawing cash, and/or converting currencies.

Additionally, prepaid cards aren’t as flexible as other methods for larger amounts of money.

Can I still send money internationally through postal services?

Yes. Although postal services are no longer as popular as they once were, many countries — such as Canada, France, India, Japan, the U.S., and so on — still allow money transfers via money orders.

Pros of using postal services

Money orders via post are likely your main option in countries or regions where access to digital services is limited, or if your recipient doesn’t have access to bank accounts.

Cons of using postal services

However, money orders tend to be slow. Plus they may not always be as secure and reliable as modern money transfer methods. In fact, many countries are phasing them out in favor of digital options these days.

How to ensure security when sending money abroad?

When sending money across borders, security should always be your and your recipient’s top priority. So to conclude, here’s a quick checklist to ensure a safe transfer:

1) Coordinate with your recipient

Double-check the details of the person you’re sending money to. Make sure you don’t miss a single letter and/or number, and that you’re both readily available and on the same page from beginning to end.

Errors, delays, and fraud are not uncommon whenever money crosses borders — so confirming everything, keeping a paper trace, and staying in the know are all essential.

2) Use trusted platforms

Stick to well-known, reputable services that use secure encryption methods to protect your money. If you’re using a service for the first time, look up reviews and make sure it has a good track record. And try to talk to a human representative, of course — all while continuing to coordinate with your recipient, bank, client, and/or whoever else might be involved.

3) Track your transfer

Most professional services provide tracking for your transfers. However, it’s your responsibility to keep an eye on things too — especially when large sums are involved.

So make sure to keep all receipts, confirmation and tracking numbers, addresses, emails, and so on. And check in on the status of your transaction frequently — whether it be on the phone, online, or in person.

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FAQ

Can I send cash by mail?

No, it’s illegal to send cash through the mail. For security reasons, both banks and postal services prohibit sending physical money.

What are the cheapest ways to send money abroad?

While you have plenty of options, services like Wise or Revolut offer some of the best exchange rates and lowest fees. This makes them the most cost-effective choice for sending money internationally.

How much money am I allowed to send abroad?

Limits vary by both service and country. For example, Western Union allows up to $50,000 from the U.S., MoneyGram typically caps transfers at $10,000, while the Reserve Bank of India limits individuals to $250,000 per year. So it’s best to always check with your provider — and countries of residence — for the exact rules.